Oil holds at 14-month low on demand worries

Quick Summary:

Oil prices held at a 14-month low on Thursday as worries about demand in the US and China and a likely rise in supplies out of Libya offset a big withdrawal from US inventories and a delay to output increases by Opec+ producers.

"In our view, the 'Beige Book' suggests that the economy is already growing at a below-trend pace and that recession risks are rising," analysts at UBS said in a note, referring to the release on Wednesday of a Fed report that acts as a temperature check on the health of the economy about every six weeks.

In Libya, some tankers were being allowed to load crude from the Opec member's storage even though output remained curtailed amid a political standoff over the central bank and oil revenue.

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Category: EconomyBusiness

Markets: MalaysiaChina

Topics: Commodities OilPrices /Business/ LibyaOil OPECPlus BrentCrude DemandConcerns WTICrude USInventoryDraw EnergyMarket

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-09-06 @ 05:57:00 (6 hours ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Article Length: 630 words

Reading Time: 4 minutes read

Sentences: 23 lines

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Copyright Owner: © The Star

News ID: 22385531

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